Australian Broker Call
November 04, 2016
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COMPANIES DISCUSSED IN THIS ISSUE
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Last Updated: 01:39 PM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.
For more info about the different terms used by stockbrokers, as well as the different methodologies behind similar sounding ratings, download our guide HERE
Today's Upgrades and Downgrades
| BTT - | BT INVEST MANAGEMENT | Upgrade to Outperform from Neutral | Macquarie |
| REA - | REA GROUP | Upgrade to Outperform from Neutral | Macquarie |
| SDA - | SPEEDCAST INTERN | Downgrade to Neutral from Buy | UBS |
| SGM - | SIMS METAL MANAGEMENT | Upgrade to Accumulate from Hold | Ord Minnett |
UBS rates ADH as Buy (1) -
Adairs has blamed a misinterpretation of fashion trends in its bed linen category for a 28% downgrade to FY17 earnings forecasts. New ranges will arrive early next year to address the underperformance of the category.
UBS reduces forecasts for earnings per share by 24-28%. The broker retains a Buy rating and lowers the target to $2.20 from $3.40.
Target price is $2.20 Current Price is $1.48 Difference: $0.72
If ADH meets the UBS target it will return approximately 49% (excluding dividends, fees and charges).
The company's fiscal year ends in July.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 12.50 cents and EPS of 13.10 cents. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 10.40 cents and EPS of 15.90 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates AGL as Buy (1) -
French owner ENGIE has confirmed "dirty coal power generator" Hazelwood will close by end March 2017. Citi analysts note their peers have been slow in embracing this prospect. Citi analysts had already incorporated this in anticipation of. They note their estimates sit some 9% above market consensus.
Despite various ongoing risks, such as the potential closure of the Portland smelter, Citi analysts have come to the view electricity prices are facing a period of elevated pricing. Buy rating retained, price target gains a further 5% to $21.61.
Target price is $21.61 Current Price is $19.39 Difference: $2.22
If AGL meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $21.18, suggesting upside of 7.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 88.00 cents and EPS of 116.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 117.0, implying annual growth of N/A. Current consensus DPS estimate is 83.6, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 16.9. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 104.00 cents and EPS of 137.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 131.1, implying annual growth of 12.1%. Current consensus DPS estimate is 96.2, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 15.1. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates AGL as Buy (1) -
The Hazelwood power station will close in March. Deutsche Bank believes this will substantially tighten the supply/demand balance in Victoria’s wholesale electricity market from 2017.
The broker envisages upside risks to wholesale electricity price forecasts and estimates that every $15/MWh move in the Victorian wholesale electricity curve represents around $150m of incremental net profit for AGL, once legacy hedges have rolled off.
Buy rating and $20.85 target price retained.
Target price is $20.85 Current Price is $19.39 Difference: $1.46
If AGL meets the Deutsche Bank target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $21.18, suggesting upside of 7.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 70.00 cents and EPS of 112.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 117.0, implying annual growth of N/A. Current consensus DPS estimate is 83.6, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 16.9. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 74.00 cents and EPS of 124.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 131.1, implying annual growth of 12.1%. Current consensus DPS estimate is 96.2, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 15.1. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates AGL as Outperform (1) -
The biggest winner from the closure of the Hazelwood brown coal power plant in Vic will be AGL, the broker declares, as the largest base load electricity producer on the network. The biggest loser will be the consumer on the increased prices AGL will enjoy, and indeed there is some risk of a demand decline, the broker notes.
The broker has lifted its electricity price forecasts going forward and increased its AGL target to $22.89 from $20.12. Outperform retained.
Target price is $22.89 Current Price is $19.39 Difference: $3.5
If AGL meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $21.18, suggesting upside of 7.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 93.00 cents and EPS of 120.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 117.0, implying annual growth of N/A. Current consensus DPS estimate is 83.6, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 16.9. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 106.00 cents and EPS of 140.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 131.1, implying annual growth of 12.1%. Current consensus DPS estimate is 96.2, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 15.1. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates AGL as Accumulate (2) -
Ord Minnett updates electricity price assumptions after closure of the Hazelwood power station has been confirmed for March 2017. The broker believes the closure will result in increases in both wholesale prices and hedging costs, both of which will benefit AGL Energy, being a vertically integrated business.
The broker maintains an Accumulate rating and raises the target to $23 from $21.
Target price is $23.00 Current Price is $19.39 Difference: $3.61
If AGL meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $21.18, suggesting upside of 7.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 87.00 cents and EPS of 118.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 117.0, implying annual growth of N/A. Current consensus DPS estimate is 83.6, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 16.9. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 93.00 cents and EPS of 124.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 131.1, implying annual growth of 12.1%. Current consensus DPS estimate is 96.2, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 15.1. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates ANZ as Buy (1) -
Citi thought the FY16 result was "messy", but at least it met market expectations. Encouragingly, early signals from the bank's turnaround strategy are positive.
Often a large transformation program slows momentum in key divisions, highlight the analysts. This doesn't seem to be the case with ANZ's Australian banking operations.
Intense competition is not making things easier, but Citi analysts believe ANZ offers a lower starting valuation and more scope for improvement in terms of ROE than the other major banks. Buy rating retained. Target $31.25 from $32.75 on slightly lower estimates.
Target price is $31.25 Current Price is $27.35 Difference: $3.9
If ANZ meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $28.33, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 160.00 cents and EPS of 219.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 229.0, implying annual growth of N/A. Current consensus DPS estimate is 161.3, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 11.8. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 160.00 cents and EPS of 232.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 240.0, implying annual growth of 4.8%. Current consensus DPS estimate is 163.2, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 11.3. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates ANZ as Neutral (3) -
Following ANZ's FY16 result, Credit Suisse downgrades estimates by 2-3%. The result was compositionally softer than expected.
The broker continues to envisage an attractive three-year cost and business restructuring story but is more cautious for the near term, which reflects the restructuring risks and current valuations.
Price target is $27.30. Neutral rating retained.
Target price is $27.30 Current Price is $27.35 Difference: minus $0.05 (current price is over target).
If ANZ meets the Credit Suisse target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $28.33, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 164.00 cents and EPS of 242.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 229.0, implying annual growth of N/A. Current consensus DPS estimate is 161.3, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 11.8. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 165.00 cents and EPS of 255.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 240.0, implying annual growth of 4.8%. Current consensus DPS estimate is 163.2, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 11.3. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates ANZ as Hold (3) -
The second half showed the bank continues to re-shape its portfolio with serious action on costs, Deutsche Bank observes. The broker believes an improvement in returns on equity from this point is challenging.
The capital position was strong, with the CET1 ratio stronger than the broker forecast at 9.6%. The potential remains for other initiatives, which may bolster the capital position further, but Deutsche Bank considers these to be uncertain and a considerable way off.
The broker believes the recent re-rating puts the stock at fair value. Hold rating and $28.60 target retained.
Target price is $28.60 Current Price is $27.35 Difference: $1.25
If ANZ meets the Deutsche Bank target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $28.33, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 160.00 cents and EPS of 223.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 229.0, implying annual growth of N/A. Current consensus DPS estimate is 161.3, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 11.8. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 160.00 cents and EPS of 233.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 240.0, implying annual growth of 4.8%. Current consensus DPS estimate is 163.2, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 11.3. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ANZ as Outperform (1) -
Has ANZ now turned the corner? That's the question the broker contemplates after a series of write-downs was followed up by yesterday's result, which showed improved credit quality and steady revenue trends. Profit was in line with the broker.
The bank will nevertheless need to exhibit better expense management than its peers, the broker suggests, if it is to outperform. Given the broker believes this is achievable, Outperform rating is retained. Target unchanged at $28.50.
Target price is $28.50 Current Price is $27.35 Difference: $1.15
If ANZ meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $28.33, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 162.00 cents and EPS of 222.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 229.0, implying annual growth of N/A. Current consensus DPS estimate is 161.3, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 11.8. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 166.00 cents and EPS of 233.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 240.0, implying annual growth of 4.8%. Current consensus DPS estimate is 163.2, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 11.3. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates ANZ as Overweight (1) -
Morgan Stanley remains confident that the bank's cost reductions can mitigate the risk to earnings. The re-balancing of the portfolio should support returns on equity and leave ANZ with a stronger capital position, the broker believes.
Morgan Stanley envisages Australian retail bank margins as the key source of downside, but ANZ's lending and geographic mix make it less vulnerable than other major banks.
Overweight retained. Sector view is In-Line. Price target is raised to $29.00 from $28.50.
Target price is $29.00 Current Price is $27.35 Difference: $1.65
If ANZ meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $28.33, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 160.00 cents and EPS of 219.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 229.0, implying annual growth of N/A. Current consensus DPS estimate is 161.3, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 11.8. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 165.00 cents and EPS of 240.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 240.0, implying annual growth of 4.8%. Current consensus DPS estimate is 163.2, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 11.3. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates ANZ as Hold (3) -
FY16 cash earnings were 1% higher than Morgans forecast. The broker makes no material change to FY17 estimates but reduces its FY18 forecasts for earnings per share by 2.3%, largely because of higher expenses and a higher credit impairment charge.
ANZ remains the broker's least preferred major bank. The broker retains a Hold rating and raises the target to $24.50 from $24.00.
Target price is $24.50 Current Price is $27.35 Difference: minus $2.85 (current price is over target).
If ANZ meets the Morgans target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $28.33, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 160.00 cents and EPS of 229.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 229.0, implying annual growth of N/A. Current consensus DPS estimate is 161.3, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 11.8. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 163.00 cents and EPS of 230.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 240.0, implying annual growth of 4.8%. Current consensus DPS estimate is 163.2, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 11.3. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ANZ as Accumulate (2) -
FY16 cash earnings were around 1% above Ord Minnett's forecast. Revenue, expenses and provisioning were all in line. The broker notes that ANZ continues to guide to a long-run pay-out ratio in the range of 60-65%, to reflect the current positioning and capital intensive business.
The broker currently values $4bn of capital tied up in partnership investments at pat, with no benefit attributed to re-deploying domestically above the cost of equity or buying back shares trading well above book value. Either of these routes of capital management are considered to be accretive
The broker retains an Accumulate rating and $31.50 target.
Target price is $31.50 Current Price is $27.35 Difference: $4.15
If ANZ meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $28.33, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 160.00 cents and EPS of 244.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 229.0, implying annual growth of N/A. Current consensus DPS estimate is 161.3, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 11.8. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 EPS of 256.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 240.0, implying annual growth of 4.8%. Current consensus DPS estimate is 163.2, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 11.3. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ANZ as Neutral (3) -
The FY16 result was broadly in line with expectations. UBS expects ANZ to continue to re-balance its portfolio with a further $8bn reduction in institutional credit in both FY17 and FY18. The broker also expects progress with sales of parts of the wealth business and Asian partnerships.
Return on equity is unlikely to bounce back given falling earnings post asset sales but the broker believes, if ANZ can divest further assets, it could be the only bank that will not need to raise equity in 2017.
Rating is Neutral and target is lowered to $26.00 from $26.50.
Target price is $26.00 Current Price is $27.35 Difference: minus $1.35 (current price is over target).
If ANZ meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $28.33, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 164.00 cents and EPS of 234.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 229.0, implying annual growth of N/A. Current consensus DPS estimate is 161.3, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 11.8. |
Forecast for FY18:
UBS forecasts a full year FY18 EPS of 240.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 240.0, implying annual growth of 4.8%. Current consensus DPS estimate is 163.2, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 11.3. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ASX as Underperform (5) -
ASX' September stats showed mixed numbers, with capital raisings materially lower and equity trading suffering from one less day in the month. More importantly for the broker, ASX is now trading at a 12% premium to the broker's own absolute valuation for the company.
Experience suggests maximum relative value is at 10%. Underperform retained. Target rises to $42.50 from $41.90.
Target price is $42.50 Current Price is $45.98 Difference: minus $3.48 (current price is over target).
If ASX meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $45.61, suggesting downside of -0.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 204.00 cents and EPS of 226.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 223.4, implying annual growth of 1.4%. Current consensus DPS estimate is 200.4, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 20.6. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 212.00 cents and EPS of 235.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 236.0, implying annual growth of 5.6%. Current consensus DPS estimate is 210.4, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 19.5. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates BLD as Neutral (3) -
The company has indicated wet weather and a volatile US housing market, as well as a weaker Western Australian market, means earnings will be skewed to the second half. To meet Credit Suisse forecasts a strong second half turnaround in Australia is required.
The broker believes Boral should continue to benefit from strong residential construction activity on the east coast. This is not without risk and Credit Suisse notes expectations have been considerably reduced over the past quarter.
The broker retains a Neutral rating but would consider a tactical change of view on any material share price weakness. Target slips to $6.45 from $6.90.
Target price is $6.45 Current Price is $5.83 Difference: $0.62
If BLD meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $6.60, suggesting upside of 14.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 24.00 cents and EPS of 35.82 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.7, implying annual growth of 10.2%. Current consensus DPS estimate is 24.4, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 15.3. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 25.00 cents and EPS of 39.33 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.4, implying annual growth of 12.5%. Current consensus DPS estimate is 27.1, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates BLD as Buy (1) -
The company has indicated that weather was a negative factor in the first quarter. Nevertheless, FY17 guidance is little changed, with a skew to the second half.
Deutsche Bank believes the current strength in Australian construction materials demand, and corresponding capacity constraints, should mean better price increases than are currently being implemented.
Deutsche Bank retains a Buy rating, given 23% upside to the current share price. Target edges down to $7.15 from $7.50.
Target price is $7.15 Current Price is $5.83 Difference: $1.32
If BLD meets the Deutsche Bank target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $6.60, suggesting upside of 14.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 28.00 cents and EPS of 41.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.7, implying annual growth of 10.2%. Current consensus DPS estimate is 24.4, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 15.3. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 33.00 cents and EPS of 50.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.4, implying annual growth of 12.5%. Current consensus DPS estimate is 27.1, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BLD as Outperform (1) -
Boral's AGM confirmed trading in Aust was impacted by wet weather in the Sep Q. The Asian JV exceeded expectations but the US suffered from slower housing growth, the broker notes.
The broker believes the sell-off seen yesterday offers an attractive entry point on the theme of an improving outlook for Aust infrastructure. Outperform retained. Target falls to $7.05 from $7.10.
Target price is $7.05 Current Price is $5.83 Difference: $1.22
If BLD meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $6.60, suggesting upside of 14.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 23.00 cents and EPS of 35.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.7, implying annual growth of 10.2%. Current consensus DPS estimate is 24.4, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 15.3. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 26.00 cents and EPS of 40.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.4, implying annual growth of 12.5%. Current consensus DPS estimate is 27.1, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates BLD as Underweight (5) -
The company's updated guidance for Australia implies around 35% growth above Morgan Stanley's forecasts for the construction materials and cement business in the second half.
The broker remains cautious about whether such growth will be achieved. Underweight rating and $6.07 target retained. Industry view: In-Line.
Target price is $6.07 Current Price is $5.83 Difference: $0.24
If BLD meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $6.60, suggesting upside of 14.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 23.10 cents and EPS of 36.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.7, implying annual growth of 10.2%. Current consensus DPS estimate is 24.4, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 15.3. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 24.50 cents and EPS of 38.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.4, implying annual growth of 12.5%. Current consensus DPS estimate is 27.1, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BLD as Hold (3) -
The company has signalled Australian operations have been hampered by wet weather and a weaker than expected housing market in Western Australia. Nevertheless, management still expects Australia to deliver slightly higher earnings in FY17.
In order to achieve this, Ord Minnett estimates construction materials and concrete will need to deliver a 27% uplift in EBIT in the second half of FY17.
Ord Minnett maintains a Hold rating and lowers the target to $6.40 from $6.50.
Target price is $6.40 Current Price is $5.83 Difference: $0.57
If BLD meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $6.60, suggesting upside of 14.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 24.00 cents and EPS of 37.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.7, implying annual growth of 10.2%. Current consensus DPS estimate is 24.4, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 15.3. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 27.00 cents and EPS of 44.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.4, implying annual growth of 12.5%. Current consensus DPS estimate is 27.1, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BRG as Outperform (1) -
Breville has announced its long standing contract to distribute Phillips shavers etc will expire next May, consistent with new management's intention to focus on Breville's own in-house products. The Nespresso contract will continue however, the broker notes, as Breville launches its new coffee machine in the US.
George will be relieved. Outperform and $9.00 target retained, with the broker not seeing the Phillips loss as having any material impact.
Target price is $9.00 Current Price is $8.97 Difference: $0.03
If BRG meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $8.80, suggesting downside of -0.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 31.00 cents and EPS of 41.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 41.5, implying annual growth of 7.5%. Current consensus DPS estimate is 30.3, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 21.3. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 34.00 cents and EPS of 45.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.6, implying annual growth of 9.9%. Current consensus DPS estimate is 33.6, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 19.4. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BSL as Hold (3) -
Ord Minnett downgrades earnings estimates and valuation because of lower spreads in the company's Australian and US operations. The rally in coking coal prices is expected to negatively impact BlueScope.
First half EBIT represents a peak in earnings on the brokers forecast and negative growth in earnings per share of 2.8% is forecast for FY18. Hold rating retained and target is lowered to $7.50 from $9.40.
Target price is $7.50 Current Price is $7.65 Difference: minus $0.15 (current price is over target).
If BSL meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.03, suggesting upside of 22.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 10.00 cents and EPS of 98.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 91.1, implying annual growth of 46.8%. Current consensus DPS estimate is 10.5, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 8.1. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 23.00 cents and EPS of 90.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.2, implying annual growth of -14.2%. Current consensus DPS estimate is 15.0, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 9.4. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates BTT as Neutral (3) -
FY16 cash profit was up 18%, driven by strong organic growth and higher performance fees. Credit Suisse believes, while the stock screens expensive relative to peers, following another earnings upgrade and a beat on forecast, the multiple is well justified.
The broker states the stock offers a compelling global expansion outlook with flows suggesting lower-than-anticipated Brexit risk. The Neutral rating is maintained and the target is raised to $10.10 from $9.30.
Target price is $10.10 Current Price is $9.47 Difference: $0.63
If BTT meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $10.08, suggesting upside of 7.4% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 46.00 cents and EPS of 54.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.7, implying annual growth of N/A. Current consensus DPS estimate is 44.3, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 53.00 cents and EPS of 63.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.5, implying annual growth of 18.2%. Current consensus DPS estimate is 52.2, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 14.8. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BTT as Upgrade to Outperform from Neutral (1) -
BT Investment's result came in ahead of Macquarie, and the broker's fund manager criteria of flows, capacity and performance were all met. Fund inflows are now recovering after the initial Brexit drop-off.
The strong performance and post-Brexit recovery sees Macquarie lift earnings forecasts by 18% and 32% in FY17-18. Target rises to $10.76 from $8.74. Upgrade to Outperform.
Target price is $10.76 Current Price is $9.47 Difference: $1.29
If BTT meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $10.08, suggesting upside of 7.4% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 46.00 cents and EPS of 53.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.7, implying annual growth of N/A. Current consensus DPS estimate is 44.3, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 51.00 cents and EPS of 58.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.5, implying annual growth of 18.2%. Current consensus DPS estimate is 52.2, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 14.8. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates BTT as Overweight (1) -
FY16 results beat Morgan Stanley's forecast, with stronger base fee margins. A debt free balance sheet is expected to further improve the diversity of the company's growth options.
Overweight rating retained. Target is raised to $11.30 from $11.00. Industry view: In-Line.
Target price is $11.30 Current Price is $9.47 Difference: $1.83
If BTT meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $10.08, suggesting upside of 7.4% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 46.00 cents and EPS of 57.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.7, implying annual growth of N/A. Current consensus DPS estimate is 44.3, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 54.00 cents and EPS of 65.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.5, implying annual growth of 18.2%. Current consensus DPS estimate is 52.2, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 14.8. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates BTT as Hold (3) -
FY16 results beat Morgans forecast by 6.8%. The broker notes the company continues to deliver structural growth, focused on international expansion.
Morgans maintains a Hold rating, preferring to use any market volatility to provide a better entry point. The target is raised to $10.66 from $10.46.
Target price is $10.66 Current Price is $9.47 Difference: $1.19
If BTT meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $10.08, suggesting upside of 7.4% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 45.00 cents and EPS of 53.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.7, implying annual growth of N/A. Current consensus DPS estimate is 44.3, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 50.00 cents and EPS of 59.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.5, implying annual growth of 18.2%. Current consensus DPS estimate is 52.2, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 14.8. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BTT as Hold (3) -
FY16 net profit was up 17.8% and ahead of Ord Minnett's forecast. Equity markets are volatile and macroeconomic events over the coming quarter are expected to determine the market direction and sentiment towards the stock.
The company remains relatively positive on the outlook for flows but the broker notes the performance across a number of the company's funds is starting to deteriorate. Hold rating maintained. Target is raised to $10.35 from $10.00.
Target price is $10.35 Current Price is $9.47 Difference: $0.88
If BTT meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $10.08, suggesting upside of 7.4% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 46.00 cents and EPS of 62.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.7, implying annual growth of N/A. Current consensus DPS estimate is 44.3, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 53.00 cents and EPS of 72.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.5, implying annual growth of 18.2%. Current consensus DPS estimate is 52.2, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 14.8. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates CCP as Add (1) -
The company has upgraded FY17 profit guidance by around 2% to $53-55m. PDL purchasing guidance was also upgraded to $195-215m.
Morgans makes no changes to forecasts and believes the company retains strong growth potential. An Add rating and $20 price target are maintained.
Target price is $20.00 Current Price is $18.35 Difference: $1.65
If CCP meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 60.00 cents and EPS of 119.00 cents. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 70.00 cents and EPS of 141.00 cents. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates DLX as Neutral (3) -
The broker has been wandering around Masters stores during the clearance to assess the impact on Dulux. The assessment is one of little major impact, other than perhaps a pull-forward of demand as everyone rushes out to buy paint while it's cheap.
More influential for Dulux is the slowing housing market the broker is anticipating. On that basis, Neutral and $6.20 target retained.
Target price is $6.20 Current Price is $6.30 Difference: minus $0.1 (current price is over target).
If DLX meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.14, suggesting downside of -1.9% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 23.50 cents and EPS of 33.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.6, implying annual growth of 13.5%. Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 18.6. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 25.00 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.9, implying annual growth of 3.9%. Current consensus DPS estimate is 24.7, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 17.9. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates EVN as Overweight (1) -
Unit costs in the first quarter were not as low as Morgan Stanley forecast but they are expected to improve. Evolution Mining should still de-leverage quickly.
Despite downwardly revised earnings forecasts the recent pullback in the equity is viewed as an opportunity to accumulate one of the broker's referred mining exposures and Morgan Stanley retains an Overweight rating. Industry view: Attractive. Target falls to $2.90 from $3.10.
Target price is $2.90 Current Price is $2.47 Difference: $0.43
If EVN meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $2.60, suggesting upside of 6.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 4.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.8, implying annual growth of N/A. Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 12.4. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 4.00 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.2, implying annual growth of 12.1%. Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 11.0. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates FXJ as Outperform (1) -
The AGM update was broadly in line with credit Suisse expectations. The broker had already revised forecast to reflect weak property listing volumes.
Fairfax is reducing its publishing exposure and the broker expects this to unlock value in the digital assets.
Credit Suisse retains an Outperform rating and $1.10 target.
Target price is $1.10 Current Price is $0.78 Difference: $0.325
If FXJ meets the Credit Suisse target it will return approximately 42% (excluding dividends, fees and charges).
Current consensus price target is $0.98, suggesting upside of 25.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 4.00 cents and EPS of 5.87 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.0, implying annual growth of N/A. Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 13.0. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 4.00 cents and EPS of 5.69 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.3, implying annual growth of 5.0%. Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates FXJ as Hold (3) -
The company has confirmed that trends are tracking in line with Deutsche Bank's estimates. In the broker's opinion, a recovery in property listing volumes is essential to the company's performance.
The company is guiding for Domain EBITDA to be slightly down in the first half, which indicates a significant recovery is unlikely in 2016. The broker will be watching closely to find out whether weaker volumes affect Domain's ability to push through price increases.
Deutsche Bank retains a Hold rating and 90c target.
Target price is $0.90 Current Price is $0.78 Difference: $0.125
If FXJ meets the Deutsche Bank target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $0.98, suggesting upside of 25.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 4.00 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.0, implying annual growth of N/A. Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 13.0. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 4.00 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.3, implying annual growth of 5.0%. Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates FXJ as Outperform (1) -
The Fairfax AGM warned of much softer listing volumes for Domain across Sydney and Melbourne, which is clearly a negative, the broker suggests.
Yet Domain was still able to grow revenues, which highlights growth in yield via mix-shift and price. Fairfax pointed to changes in super caps and the long election campaign as having an impact.
But management also noted a very strong last Spring, which brings into question whether any rebound will be seen. The broker sees earnings under pressure in FY17 but believes in Domain's long term prospects. Outperform retained. Target falls to 90c from $1.05.
Target price is $0.90 Current Price is $0.78 Difference: $0.125
If FXJ meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $0.98, suggesting upside of 25.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 4.00 cents and EPS of 5.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.0, implying annual growth of N/A. Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 13.0. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 4.00 cents and EPS of 6.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.3, implying annual growth of 5.0%. Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates FXJ as Overweight (1) -
The main point in the company's first quarter trading update centres on the weakness in revenue growth continuing into the second quarter, Morgan Stanley notes.
Whilst weakness in Sydney and Melbourne property listings has been well flagged, the update suggests to Morgan Stanley that consensus earnings expectations for FY17 are likely to prove optimistic.The broker continues to view the stock as a higher risk/reward play but, nonetheless, attractive.
Overweight rating and Attractive industry view retained. Target is $1.20.
Target price is $1.20 Current Price is $0.78 Difference: $0.425
If FXJ meets the Morgan Stanley target it will return approximately 55% (excluding dividends, fees and charges).
Current consensus price target is $0.98, suggesting upside of 25.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 3.30 cents and EPS of 6.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.0, implying annual growth of N/A. Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 13.0. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 3.80 cents and EPS of 7.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.3, implying annual growth of 5.0%. Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates FXJ as Neutral (3) -
Revenue and EBITDA guidance from the AGM suggests to UBS that Domain print revenues may be tracking 15% lower and group cost growth could be tracking 5% higher. The weakness is being driven by very soft listings in the high-value Sydney and Melbourne markets.
The broker maintains a Neutral rating and lowers the target to 80c from $1.00.
Target price is $0.80 Current Price is $0.78 Difference: $0.025
If FXJ meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $0.98, suggesting upside of 25.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 4.00 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.0, implying annual growth of N/A. Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 13.0. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 4.00 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.3, implying annual growth of 5.0%. Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates GMA as Outperform (1) -
Genworth has renewed its contract with the Commonwealth Bank ((CBA)) for provision of lenders' mortgage insurance. The retention of the company's largest client supports a steady release of capital over the next several years, the broker suggests.
Given Genworth is trading at more than a 20% discount to its FY16 book value, any capital release at that level represents a 25% return, the broker calculates. Outperform and $3.98 target retained.
Target price is $3.98 Current Price is $3.02 Difference: $0.96
If GMA meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 30.90 cents and EPS of 40.50 cents. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 29.40 cents and EPS of 36.70 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates IPL as Buy (1) -
Incitec Pivot is scheduled to release FY16 results on Tuesday, 8 November. Citi analysts are anticipating a -37% fall in FY16 NPAT to $250m, with a 4c final dividend. The analysts argue the market is well aware of the headwinds plaguing the company.
Citi analysts will be paying attention to management's commentary and outlook as things cannot possibly stay as bad as was the case in FY16. The analysts believe the year past should mark the bottom in the earnings cycle.
Buy rating retained. Target $3.20. No changes made to forecasts.
Target price is $3.20 Current Price is $2.83 Difference: $0.37
If IPL meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $3.15, suggesting upside of 9.7% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY16:
Citi forecasts a full year FY16 dividend of 8.00 cents and EPS of 14.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.6, implying annual growth of -34.5%. Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 18.4. |
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 10.00 cents and EPS of 18.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.8, implying annual growth of 26.9%. Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 14.5. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MPL as Outperform (1) -
Sep Q data from the Ombudsman show Medibank accounted for 61% of all health insurance complaints and 43% of disputes despite a market share of only 28.6%, the broker notes. A lot of the complaints were to do with the company's computer system.
The broker sees a risk to customer acquisition and retention but not to profit margins. Revenue risk is to the downside but margin risk to the upside, hence the broker retains Outperform and $2.79 target.
Target price is $2.79 Current Price is $2.51 Difference: $0.28
If MPL meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $2.73, suggesting upside of 8.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 11.00 cents and EPS of 14.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.7, implying annual growth of -3.3%. Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 17.1. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 10.50 cents and EPS of 14.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.9, implying annual growth of 1.4%. Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 16.8. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates MYX as Outperform (1) -
The company has received FDA approval for its morphine sulphate extended-release tablets. The product will be launched in the US as a generic version of MS Contin.
Despite the theoretically large contestable market credit Suisse assumes Mayne Pharma achieves a maximum of 10% market share with an EBITDA margin assumption of 30%.
As the broker already incorporates sales and earnings of products in development it makes no change to the $2 target and Outperform rating.
Target price is $2.00 Current Price is $1.71 Difference: $0.295
If MYX meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 0.00 cents and EPS of 6.70 cents. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of 7.57 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates NCM as Sell (5) -
Given the inevitable grade decline as the Cadia mine matures, Deutsche Bank believes the company's best organic growth opportunity is expanding Cadia to maintain over 500,000 ozs per annum run rate for the next 10 years.
The broker has made a deep study of Cadia which suggests it is highly accretive and notes Newcrest has made significant inroads into paying off debt. While there are upcoming catalysts, the broker considers the stock expensive.
Deutsche Bank retains a Sell rating and raises the target to $19.00 from $13.10.
Target price is $19.00 Current Price is $23.99 Difference: minus $4.99 (current price is over target).
If NCM meets the Deutsche Bank target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $20.96, suggesting downside of -12.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 17.00 cents and EPS of 68.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 92.9, implying annual growth of 59.3%. Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 25.7. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 24.00 cents and EPS of 94.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 104.7, implying annual growth of 12.7%. Current consensus DPS estimate is 31.0, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 22.8. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates OML as Reinstate Coverage: Outperform (1) -
The broker is back from a period of research restriction to reinstate an Outperform rating on oOh! and a $5.60 target.
The outdoor market remains strong, the company is well positioned for growth, and the Executive Channel Network acquisition, on which the broker was advising, is strategically positive, the broker suggests.
Target price is $5.60 Current Price is $4.22 Difference: $1.38
If OML meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $5.62, suggesting upside of 37.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 10.50 cents and EPS of 25.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.3, implying annual growth of -30.6%. Current consensus DPS estimate is 11.6, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 15.00 cents and EPS of 29.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.0, implying annual growth of 23.5%. Current consensus DPS estimate is 15.7, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ORG as Accumulate (2) -
Ord Minnett updates electricity price assumptions after closure of the Hazelwood power station has been confirmed for March 2017.
The broker believes the closure will result in increases in both wholesale prices and hedging costs, both of which will benefit Origin Energy, being a vertically integrated business.
An Accumulate rating is maintained. Target is raised to $6.60 from $6.50.
Target price is $6.60 Current Price is $5.27 Difference: $1.33
If ORG meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $6.15, suggesting upside of 19.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 0.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.6, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 16.3. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 10.00 cents and EPS of 58.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.3, implying annual growth of 75.0%. Current consensus DPS estimate is 12.1, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 9.3. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates REA as Upgrade to Outperform from Neutral (1) -
The Fairfax AGM warned of much softer listing volumes for Domain across Sydney and Melbourne, which is clearly a negative, Macquarie suggests.
Yet Domain was still able to grow revenues, which highlights growth in yield via mix-shift and price. Fairfax pointed to changes in super caps and the long election campaign as having an impact.
But management also noted a very strong last Spring, which brings into question whether any rebound will be seen. Cyclical pressures will drive slower growth rates for REA, Macquarie believes, but the core asset should still provide strong medium term growth. On the recent sell-off, the broker upgrades REA to Outperform.
Target falls to $56 from $58.
Target price is $56.00 Current Price is $47.50 Difference: $8.5
If REA meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $55.18, suggesting upside of 15.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 91.40 cents and EPS of 183.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 191.1, implying annual growth of -0.5%. Current consensus DPS estimate is 97.9, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 25.0. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 115.00 cents and EPS of 230.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 233.2, implying annual growth of 22.0%. Current consensus DPS estimate is 122.9, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 20.5. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates REA as Add (1) -
Morgans downgrades earnings forecasts to reflect the severity of the decline in real estate listings and volumes reported by the company's main competitor, Fairfax's ((FXJ)) Domain.
Earnings per share forecast for FY17 and FY18 decline by 5.2% and 7.3% respectively. REA is considered to be less affected by the listing drought versus Domain because its revenues are more diverse, both geographically and by product line.
The broker believes the current sell off is an over reaction and maintains an Add recommendation. The target is reduced to $56.59 from $60.97.
Target price is $50.59 Current Price is $47.50 Difference: $3.09
If REA meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $55.18, suggesting upside of 15.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 96.00 cents and EPS of 177.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 191.1, implying annual growth of -0.5%. Current consensus DPS estimate is 97.9, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 25.0. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 135.00 cents and EPS of 210.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 233.2, implying annual growth of 22.0%. Current consensus DPS estimate is 122.9, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 20.5. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates RNO as Add (1) -
Quarterly sales improved significantly, albeit off a low base, the broker observes. Although pleased to see a significant sales increase it was lower than Morgans expected.
Morgans moderates FY17 revenue growth assumptions. As a result, the net loss forecast is increased to $3.4m from $2.2m. Add rating retained and target slips to 5c from 6c.
Target price is $0.05 Current Price is $0.02 Difference: $0.034
If RNO meets the Morgans target it will return approximately 213% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 0.40 cents. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of 0.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates S32 as Neutral (3) -
South32 will buy the Metropolitan coking coal mine plus Peabody's interest in the Port Kembla coal terminal. The deal comprises a profit share agreement if actual coal prices exceed an assumed coal pricing forward curve for a minimum of 1.3mt of saleable production in the first 12 months, split 50-50 above the agreed price deck.
Credit Suisse values the operation at US$400m, around double what the company has agreed to pay. Assuming the acquisition is finalised at the end of the first quarter 2017, the broker expects the deal to be 5% accretive to earnings in FY18 and FY19. Neutral retained. Target is $2.50.
Target price is $2.50 Current Price is $2.58 Difference: minus $0.08 (current price is over target).
If S32 meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.62, suggesting upside of 2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 6.17 cents and EPS of 15.43 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.9, implying annual growth of N/A. Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 15.1. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 5.01 cents and EPS of 12.53 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.2, implying annual growth of -21.9%. Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 19.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates S32 as Hold (3) -
South32 will acquire the 2Mtpa Metropolitan underground coking coal mine, close to its Appin and Dendrobian mines, and a 17% stake in the Port Kembla coal terminal from Peabody for US$200m.
Deutsche Bank notes, while Metropolitan is a small mine it is well capitalised. The company and Peabody will share additional cash flow on a 50-50 basis, should coking coal prices exceed a forward curve, which assumes US$160/t in the March quarter 2017 then fading to US$115/t by the December quarter.
Deutsche Bank retains a Hold rating and $2.10 target.
Target price is $2.10 Current Price is $2.58 Difference: minus $0.48 (current price is over target).
If S32 meets the Deutsche Bank target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.62, suggesting upside of 2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 8.12 cents and EPS of 17.59 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.9, implying annual growth of N/A. Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 15.1. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 4.06 cents and EPS of 6.77 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.2, implying annual growth of -21.9%. Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 19.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates S32 as Outperform (1) -
South32 has announced the acquisition of Peabody's Metropolitan Colliery and a 16.67% interest in the Port Kembla coal terminal. The broker sees Metropolitan as a logical fit, offering blending and new resource opportunities while boosting exposure to met coal.
The synergy opportunities are significant and the internal rate of return on the deal is around 20% on the broker's coal price forecasts and current Metropolitan reserves. Outperform and $3.30 target retained.
Target price is $3.30 Current Price is $2.58 Difference: $0.72
If S32 meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $2.62, suggesting upside of 2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 4.19 cents and EPS of 22.55 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.9, implying annual growth of N/A. Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 15.1. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 7.29 cents and EPS of 18.23 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.2, implying annual growth of -21.9%. Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 19.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates S32 as Overweight (1) -
South32 is buying Peabody's Metropolitan colliery as well as an additional 16.67% stake in the Port Kembla coal terminal for US$200m. There is a profit share agreement the first year of production.
The close proximity to the company's Illawarra asset and marginally better costs make the acquisition a good fit, in Morgan Stanley's opinion. Furthermore, resource additions through drilling and synergistic benefits around blending of coals are other areas where value could also be added.
Overweight and $3.00 target retained. Industry view: Attractive.
Target price is $3.00 Current Price is $2.58 Difference: $0.42
If S32 meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $2.62, suggesting upside of 2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 9.47 cents and EPS of 16.24 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.9, implying annual growth of N/A. Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 15.1. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 10.82 cents and EPS of 17.59 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.2, implying annual growth of -21.9%. Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 19.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates S32 as No Rating (-1) -
South32 has entered into an agreement with Peabody to acquire its Metropolitan colliery and 16.67% interest in the Port Kembla coal terminal.
Ord Minnett notes the transaction is small compared with the company's market cap and FY17 free cash flow but the asset provides a natural fit with the portfolio and an option to blend coal with the existing Illawarra operation.
The broker is currently restricted on providing a rating and target.
Current Price is $2.58. Target price not assessed.
Current consensus price target is $2.62, suggesting upside of 2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 10.83 cents and EPS of 17.59 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.9, implying annual growth of N/A. Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 15.1. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 6.77 cents and EPS of 9.47 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.2, implying annual growth of -21.9%. Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 19.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SCG as Underperform (5) -
Scentre's Sep Q update featured retained FY17 guidance on an upgrade to net operating income expectations on softer sales growth.
Macro risks against returns are rising in real estate, the broker warns, and there is still the matter of the Lowy family's overhanging holding. A sell-down would provide a better entry point, thus despite the stock already trading below the broker's target of $4.45, Underperform retained.
Target price is $4.45 Current Price is $4.26 Difference: $0.19
If SCG meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $4.68, suggesting upside of 8.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 21.30 cents and EPS of 21.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.4, implying annual growth of 3.6%. Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 18.4. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 22.30 cents and EPS of 22.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.7, implying annual growth of 1.3%. Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 18.2. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SCG as Hold (3) -
The company has retained guidance for 2016 funds from operations of 23.25c per security. Ord Minnett notes the stock has now weakened more than 20% from its peak.
The broker does not expect any material positive news to flow over the next three months and considers the stock relatively inexpensive and well-managed with attractive assets. The broker expects it will be gradual changes in sentiment which will likely drive the share price.
Hold rating and $4.70 target retained.
Target price is $4.70 Current Price is $4.26 Difference: $0.44
If SCG meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $4.68, suggesting upside of 8.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Ord Minnett forecasts a full year FY16 dividend of 21.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.4, implying annual growth of 3.6%. Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 18.4. |
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 22.00 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.7, implying annual growth of 1.3%. Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 18.2. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SDA as Downgrade to Neutral from Buy (3) -
The company will acquire Harris Caprock for US$425m. The acquisition will be funded by an equity raising and debt.
UBS observes, at face value, the price is attractive but Harris Caprock revenues have been declining, given 66% sit within a challenged energy vertical.
Nevertheless, these are new revenue opportunities for Speedcast, as well as an opportunity to acquire at the low point in the cycle.
UBS notes, with around 60% of the earnings base now stemming from Harris Caprock, outperformance will be reliant on a recovery in energy markets. Gearing has also become more aggressive.
The broker downgrades to Neutral from Buy. Target falls to $3.80 from $4.50.
Target price is $3.80 Current Price is $3.93 Difference: minus $0.13 (current price is over target).
If SDA meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.32, suggesting upside of 22.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
UBS forecasts a full year FY16 dividend of 9.45 cents and EPS of 18.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.0, implying annual growth of N/A. Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 20.8. |
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 16.20 cents and EPS of 32.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.9, implying annual growth of 46.5%. Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 14.2. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SGM as Upgrade to Accumulate from Hold (2) -
The outlook for the scrap price is improving and Ord Minnett observes solid premiums in export markets which are likely to improve EBIT per tonne. The broker believes the company's cost-cutting initiatives are under appreciated.
The rating is upgraded to Accumulate from Hold and the target is raised to $10.90 from $9.90. The stock is now a key sector pick for the broker.
Target price is $10.90 Current Price is $9.78 Difference: $1.12
If SGM meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $9.88, suggesting downside of -3.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 28.00 cents and EPS of 51.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.3, implying annual growth of -6.3%. Current consensus DPS estimate is 26.2, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 20.3. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 32.00 cents and EPS of 66.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 64.8, implying annual growth of 28.8%. Current consensus DPS estimate is 32.9, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 15.7. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SSG as Buy (1) -
Ord Minnett believes Shaver Shop has been unfairly de-rated over the last month. The broker remains confident in its above prospectus forecasts.
A Buy rating is retained, given the combination of organic growth, accelerated roll out of new sites, buy-backs of franchise stores and undemanding trading multiples. Target is $1.45.
Target price is $1.45 Current Price is $1.05 Difference: $0.405
If SSG meets the Ord Minnett target it will return approximately 39% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 4.00 cents and EPS of 7.50 cents. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 5.00 cents and EPS of 9.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SUN as Neutral (3) -
The company's banking business has reported no growth in lending assets and an impairment loss of seven basis points in the September quarter.
Credit Suisse observes that this continues the trend of recent quarters: avoiding volume growth in a price-driven market and also avoiding any major bad debt. The broker believes the earnings upside and risk remains with the general insurance business for now.
A Neutral rating is maintained. Target is reduced to $13.60 from $13.85.
Target price is $13.60 Current Price is $11.81 Difference: $1.79
If SUN meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $13.24, suggesting upside of 14.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 72.00 cents and EPS of 96.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 94.0, implying annual growth of 15.5%. Current consensus DPS estimate is 75.3, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 12.3. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 71.00 cents and EPS of 95.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 96.7, implying annual growth of 2.9%. Current consensus DPS estimate is 77.6, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 12.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SUN as Outperform (1) -
Suncorp is now trading at a relative value discount to peers of 11%, the broker notes, the largest in five years. Credit quality remains ahead of expectations.
The broker reiterates Outperform. Target falls to $12.97 from $13.49 on reduced expectations for the Life business.
Target price is $12.97 Current Price is $11.81 Difference: $1.16
If SUN meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $13.24, suggesting upside of 14.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 74.00 cents and EPS of 93.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 94.0, implying annual growth of 15.5%. Current consensus DPS estimate is 75.3, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 12.3. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 74.00 cents and EPS of 93.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 96.7, implying annual growth of 2.9%. Current consensus DPS estimate is 77.6, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 12.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SUN as Buy (1) -
Suncorp has revealed minimal top line momentum in the bank division, with gross loans contracting 0.4% in the first quarter and some funding cost pressures. UBS tunes revenue assumptions to reflect this update.
Overall, the bank appears to be performing as the broker expects and the absence of any commentary on life or general insurance suggests there are no significant new developments which will impact group profit.
A Buy rating is maintained. Target is steady at $14.25.
Target price is $14.25 Current Price is $11.81 Difference: $2.44
If SUN meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $13.24, suggesting upside of 14.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 80.00 cents and EPS of 98.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 94.0, implying annual growth of 15.5%. Current consensus DPS estimate is 75.3, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 12.3. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 84.00 cents and EPS of 101.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 96.7, implying annual growth of 2.9%. Current consensus DPS estimate is 77.6, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 12.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates XRO as Outperform (1) -
First half revenue was in line with Credit Suisse expectations. The highlights include strength in Australasia and seasonally better momentum in the UK. The broker was less pleased with the North American business, which remains slow.
The stock is trading 9% below the broker's discounted cash flow valuation, which seems unjustifiable at a time when the news flow is likely to be good and there is strong growth in Australasia and a clear path to breaking even.
Outperform retained. Target rises to NZ$21.00 from NZ$20.92.
Current Price is $16.40. Target price not assessed.
Current consensus price target is $18.00, suggesting upside of 8.8% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 51.07 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -50.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 28.89 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -24.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates XRO as Hold (3) -
Deutsche Bank Is encouraged by the performance of the company's UK business as well as the continued outperformance of the more mature Australasian business, despite the fact the franchise continues to struggle in North America.
The broker believes the company can deliver on guidance to reach break even without needing to raise additional capital but believes the current share price reflects its success already. Target rises to NZ$18.20 from NZ$17.90. Hold retained.
Current Price is $16.40. Target price not assessed.
Current consensus price target is $18.00, suggesting upside of 8.8% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 52.19 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -50.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 25.16 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -24.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates XRO as Neutral (3) -
Xero's first half result showed customer additions slightly higher than the broker's forecast and operating expenses lower. Cash was also better than expected, although the NZ$ continues to create headwinds, the broker notes. Target reduced to NZ$19.50 from NZ$20.50.
Xero offers stronger growth than most SaaS peers but is also more highly valued than many. Neutral retained.
Current Price is $16.40. Target price not assessed.
Current consensus price target is $18.00, suggesting upside of 8.8% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 53.02 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -50.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 29.91 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -24.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates XRO as Neutral (3) -
First half results were broadly in line with UBS. The broker makes no change to the FY17 outlook. Operating metrics continue to improve and cash usage is expected to reduce.
Neutral rating retained. Target is NZ$19.00.
Current Price is $16.40. Target price not assessed.
Current consensus price target is $18.00, suggesting upside of 8.8% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 52.05 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -50.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 39.26 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -24.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| ADH - | ADAIRS | Buy - UBS | Overnight Price $1.48 |
| AGL - | AGL ENERGY | Buy - Citi | Overnight Price $19.39 |
| Buy - Deutsche Bank | Overnight Price $19.39 | ||
| Outperform - Macquarie | Overnight Price $19.39 | ||
| Accumulate - Ord Minnett | Overnight Price $19.39 | ||
| ANZ - | ANZ BANKING GROUP | Buy - Citi | Overnight Price $27.35 |
| Neutral - Credit Suisse | Overnight Price $27.35 | ||
| Hold - Deutsche Bank | Overnight Price $27.35 | ||
| Outperform - Macquarie | Overnight Price $27.35 | ||
| Overweight - Morgan Stanley | Overnight Price $27.35 | ||
| Hold - Morgans | Overnight Price $27.35 | ||
| Accumulate - Ord Minnett | Overnight Price $27.35 | ||
| Neutral - UBS | Overnight Price $27.35 | ||
| ASX - | ASX | Underperform - Macquarie | Overnight Price $45.98 |
| BLD - | BORAL | Neutral - Credit Suisse | Overnight Price $5.83 |
| Buy - Deutsche Bank | Overnight Price $5.83 | ||
| Outperform - Macquarie | Overnight Price $5.83 | ||
| Underweight - Morgan Stanley | Overnight Price $5.83 | ||
| Hold - Ord Minnett | Overnight Price $5.83 | ||
| BRG - | BREVILLE GROUP | Outperform - Macquarie | Overnight Price $8.97 |
| BSL - | BLUESCOPE STEEL | Hold - Ord Minnett | Overnight Price $7.65 |
| BTT - | BT INVEST MANAGEMENT | Neutral - Credit Suisse | Overnight Price $9.47 |
| Upgrade to Outperform from Neutral - Macquarie | Overnight Price $9.47 | ||
| Overweight - Morgan Stanley | Overnight Price $9.47 | ||
| Hold - Morgans | Overnight Price $9.47 | ||
| Hold - Ord Minnett | Overnight Price $9.47 | ||
| CCP - | CREDIT CORP GROUP | Add - Morgans | Overnight Price $18.35 |
| DLX - | DULUX GROUP | Neutral - Macquarie | Overnight Price $6.30 |
| EVN - | EVOLUTION MINING | Overweight - Morgan Stanley | Overnight Price $2.47 |
| FXJ - | FAIRFAX MEDIA | Outperform - Credit Suisse | Overnight Price $0.78 |
| Hold - Deutsche Bank | Overnight Price $0.78 | ||
| Outperform - Macquarie | Overnight Price $0.78 | ||
| Overweight - Morgan Stanley | Overnight Price $0.78 | ||
| Neutral - UBS | Overnight Price $0.78 | ||
| GMA - | GENWORTH MORTGAGE INSUR | Outperform - Macquarie | Overnight Price $3.02 |
| IPL - | INCITEC PIVOT | Buy - Citi | Overnight Price $2.83 |
| MPL - | MEDIBANK PRIVATE | Outperform - Macquarie | Overnight Price $2.51 |
| MYX - | MAYNE PHARMA GROUP | Outperform - Credit Suisse | Overnight Price $1.71 |
| NCM - | NEWCREST MINING | Sell - Deutsche Bank | Overnight Price $23.99 |
| OML - | OOH!MEDIA | Reinstate Coverage: Outperform - Macquarie | Overnight Price $4.22 |
| ORG - | ORIGIN ENERGY | Accumulate - Ord Minnett | Overnight Price $5.27 |
| REA - | REA GROUP | Upgrade to Outperform from Neutral - Macquarie | Overnight Price $47.50 |
| Add - Morgans | Overnight Price $47.50 | ||
| RNO - | RHINOMED | Add - Morgans | Overnight Price $0.02 |
| S32 - | SOUTH32 | Neutral - Credit Suisse | Overnight Price $2.58 |
| Hold - Deutsche Bank | Overnight Price $2.58 | ||
| Outperform - Macquarie | Overnight Price $2.58 | ||
| Overweight - Morgan Stanley | Overnight Price $2.58 | ||
| No Rating - Ord Minnett | Overnight Price $2.58 | ||
| SCG - | SCENTRE GROUP | Underperform - Macquarie | Overnight Price $4.26 |
| Hold - Ord Minnett | Overnight Price $4.26 | ||
| SDA - | SPEEDCAST INTERN | Downgrade to Neutral from Buy - UBS | Overnight Price $3.93 |
| SGM - | SIMS METAL MANAGEMENT | Upgrade to Accumulate from Hold - Ord Minnett | Overnight Price $9.78 |
| SSG - | SHAVER SHOP | Buy - Ord Minnett | Overnight Price $1.05 |
| SUN - | SUNCORP | Neutral - Credit Suisse | Overnight Price $11.81 |
| Outperform - Macquarie | Overnight Price $11.81 | ||
| Buy - UBS | Overnight Price $11.81 | ||
| XRO - | XERO | Outperform - Credit Suisse | Overnight Price $16.40 |
| Hold - Deutsche Bank | Overnight Price $16.40 | ||
| Neutral - Macquarie | Overnight Price $16.40 | ||
| Neutral - UBS | Overnight Price $16.40 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 31 |
| 2. Accumulate | 4 |
| 3. Hold | 21 |
| 5. Sell | 4 |
Friday 04 November 2016
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Disclaimer:
The content of this information does in no way reflect the opinions of
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the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
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with a valuable tool that helps them in making up their own minds, reading
market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not
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base their work on information believed to be reliable and accurate, though
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should contact their personal adviser before making any investment decision.
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